Class 2 National Insurance to remain
At present, there are two different types of National Insurance for the self-employed, Class 2 and Class 4. Class 2 is a fixed weekly amount, whereas Class 4 is charged based on profits. We had been expecting Class 2 National Insurance to be abolished for some time. It was supposed to be replaced by a […]
Deadline to register for a 2018 tax return
If you have income to report to HMRC for the tax year ending 5th April 2018, the deadline to register to complete a 2018 tax return is fast approaching. You must notify HMRC by 5th October 2018 that you will be submitting a 2017/18 tax return. Once registered, you will then have until 31st January […]
HMRC 2018 Tax Return Form
Now that the 2017/18 tax year has finished, it is time to complete the 2018 tax return. Finding the form online can sometimes be a challenge – the official name for a UK tax return form is a SA100. To obtain the form and the notes, you can obtain these direct from HMRC’s website: https://www.gov.uk/government/publications/self-assessment-tax-return-sa100 […]
Daily fines for a late 2017 tax return are approaching
Although we have now started on completing 2018 tax returns(covering the year to 5th April 2018), there may be some people who have yet to complete the 2017 tax return. This should have been submitted to HMRC by 31st January 2018, so has already incurred a £100 fine for being late. On top of that […]
Planning for 2018 and your tax
With a little over one month to go now in the 2017/18 tax year, it is time to start planning for 2018: 1) Are you going to make any purchases in the business? If so, and you make them before 5th April then you will get tax relief straightaway in the 2018 tax return. Completing […]
Last chance to complete your 2017 HMRC tax return
The very final deadline to submit the 2017 tax return to HMRC is rapidly approaching – 31st January 2018. The deadline to have any tax deducted through your tax code in a later year (if possible) has already passed, so you will also now have to pay the tax liability by 31st January 2018 as […]
Budget 2017 Update
Today saw the 2017 Budget, thankfully some of the possible changes people had worried about were not introduced. VAT Rumours had been circulating that a possible reduction in the VAT registration limit would be announced. Currently the limit is £85000 meaning that many small businesses do not have to worry about quarterly reporting (or charging […]
HMRC 31st October 2017 tax return deadline
The 2017 tax return year ended on 5th April 2017 – by now, nearly 6 months has passed since the end of the year so all the information to complete the tax return should be available. 31st October 2017 marks the first tax return deadline for the 2017 returns – although this date was for […]
HMRC October 2017 deadline to register for a tax return
A deadline often missed is the one to register for a tax return should one not already have been issued by HMRC. If you have untaxed income in the year to 5th April 2017, then you must notify HMRC by 5th October 2017 so that a tax return form can be issued for completion. Failure […]
HMRC aiming to eliminate cheques
As part of HMRC’s ongoing cost-cutting, they have recently stated their aims to eliminate cheques. However, there is a portion of the population who still use cheques regularly so this may take some time. Paying HMRC In the past people would use the HMRC payslip received in the post to either pay at their local […]
Good news about Making Tax Digital(MTD)
We have some excellent news – Making Tax Digital(MTD), the coming burden that many self-employed people were unaware of, has been postponed until at least 2020 (and hopefully permanently.) While improving systems and more up-to-date data for small businesses is recommended, there were many issues with MTD and the original timeline. As I reported back […]
HMRC 31st July 2017 Payments on Account
The end of July marks another tax deadline – for paying the second instalment towards your 2016/17 tax liability. If you are required to make payments on account then these are calculated as 50% of your 2016 tax liability each. The first payment made by 31st January 2017 will always be estimated as it is […]